A strong, healthy corporation requires every facet of property management to work in sync toward one common goal...true financial stability. This all starts with creating a strategic plan and developing a road map using the annual budget, reserve study and the board’s investment strategy. Keep the following in mind when navigating toward success:
- Defining the purpose of the condominium corporation and sharing the core values with residents can make it easier for new volunteers to participate and for homeowners to support the community’s long-term plan.
- Protect the corporation from equipment failures and extend the life of major components by incorporating preventative maintenance expenditures into the annual operating budget.
- Obtain a professional, accurate reserve study and review it frequently.
- Take the predictive maintenance approach by conducting regular inspections to gauge which equipment and facilities are operating at optimum capacity, which are on the path of requiring attention which are needing immediate action.
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